ONTARIO MORTGAGE PAYMENT CALCULATOR
Are you looking to take our a mortgage soon? Our Ontario Mortgage Payment Calculator can help you better understand what your payments may look like when you get a mortgage to buy a home. We just need a few details from you, and our tool will instantly provide you with an estimated monthly payment amount. You can test out different down payment and amortization scenarios, and also compare different variable and fixed mortgage rates.
How to use the mortgage payment calculator
If you are in the market to buy a new home, it is a good idea to use this this Mortgage Payment Calculator to determine what you can afford before you starting looking at Real Estate listings.
To use the calculator, start by entering the purchase price, and then select an amortization period and the mortgage rate. The calculator will automatically show you the four different monthly payments options, depending on the size of your down payment (5%, 10%, 15% and 20%). You can change the size of your down payment and the frequency of the payment to see how it will affect your regular payment. The mortgage payment calculator will also show you the best mortgage rates available in Ontario, but you also have the option to input a custom rate.
Our Ontario Mortgage Payment Calculator will also show you what your land transfer tax will be, and how much cash you will need for closing costs (approximate). You can also use this calculator to find your total monthly expenses (estimate), and see what your payments would be if mortgage rates go up.